Las Vegas Sands targets $400 million bond sale

By IBT Staff Reporter On 08/01/09 AT 1:33 PM

Las Vegas Sands, the world's largest casino firm, is seeking $400 million in short-term funding to help boost cash and restart construction of its stalled resort in Macau, local media reported on Saturday.

The company controlled by U.S. billionaire Sheldon Adelson is offering convertible bonds with interest of up to 16 percent to hedge funds and pension fund managers, South China Morning Post said, citing people who saw documents prepared by investment bank Goldman Sachs.

The paper said the sale is linked to Sands' plan to raise $2.5 billion in a Hong Kong initial public offering of its Macau operations early next year. The bonds may be swapped for the IPO shares. Sands has tapped Goldman Sachs to look at a potential Hong Kong listing for its Macau assets.